Bank of Maharashtra climbs on looking to resolve 20-25 stressed MSME loans under pre-packaged resolution process
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Bank of Maharashtra is currently trading at Rs. 23.30, up by 0.35 points or 1.53% from its previous closing of Rs. 22.95 on the BSE.
The scrip opened at Rs. 23.20 and has touched a high and low of Rs. 23.80 and Rs. 23.00 respectively. So far 471839 shares were traded on the counter.
The BSE group 'A' stock of face value Rs. 10 has touched a 52 week high of Rs. 27.73 on 19-Feb-2021 and a 52 week low of Rs. 8.32 on 29-May-2020.
Last one week high and low of the scrip stood at Rs. 25.00 and Rs. 21.05 respectively. The current market cap of the company is Rs. 15219.57 crore.
The promoters holding in the company stood at 93.33%, while Institutions and Non-Institutions held 3.08% and 3.59% respectively.
Bank of Maharashtra is looking at resolving 20-25 stressed micro, small and medium enterprise (MSME) accounts under the pre-packaged insolvency resolution process.
Earlier this month, the government had introduced a pre-packaged insolvency resolution process for stressed MSMEs by amending the insolvency law. Under a pre-packaged process, main stakeholders such as creditors and shareholders come together to identify a prospective buyer and negotiate a resolution plan before approaching the National Company Law Tribunal (NCLT).
Bank of Maharashtra offers several products and services in personal banking such as deposits, savings, personal loans, educational loans, demat services, credit cards, etc. The Bank also offers services to agricultural and SME sectors.
